Opium Protocol, which enables firms to build decentralised analogues of traditional financial derivatives, has collected $3.25m in its latest funding round.
The investment was supported by QCP Soteria, HashKey, Galaxy Digital, Rockaway Blockchain Fund, Meta Cartel Ventures, Alameda Research, Launch Hub, CMS Holdings, Kenetic, One Block, SevenX, Zee Prime Capital and Digital Strategies.
Several founders also contributed to the round, including Aave’s Stani Kulechov, Synthetix’s Jordan Momtazi and Polymath’s Trevor Koverko. In line with the deal, Kulechov has joined the Opium team as an advisor.
Based in Amsterdam, Opium is a protocol that enables creating, settling and trading of any decentralised derivative.
The platform was created to be composable with DeFi and a traditional financial system at the same time. Its protocol enables anyone to launch custom financial contracts at minimal effort and costs. Contracts can be used for any exotic assets, such as olive oil, it said.
Rockaway Blockchain Fund managing partner Viktor Fischer said, “Andrey and his team have shown a deep understanding of the inner workings of the derivatives market. We believe that Opium is very well positioned to enable broader adoption of so needed interest rate swaps and credit default swaps in digital assets space.
“These complex derivatives are popular in the traditional financial space reaching more than $40T monthly notional volume traded. Rockaway Blockchain Fund is excited to work with Opium to create a leading trading derivatives platform.”
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